Marks and Spencer 2011 Annual Report Download - page 16
Download and view the complete annual report
Please find page 16 of the 2011 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.0VSDBNQBJHOT
"TDVTUPNFSTSFNBJOFEDBVUJPVTBCPVU
UIFJSTQFOEJOHXFXPSLFEIBSEUPHJWF
UIFNBSFBTPOUPLFFQTIPQQJOHXJUIVT
5ISPVHIPVSDMPUIJOHBEWFSUJTJOHXF
IJHIMJHIUFEUIFTFBTPOTLFZUSFOET
DPMPVSTBOEDVUTJOBOVQCFBUGSFTIBOE
JOTQJSJOHXBZ0VSMJOFVQPG5XJHHZ%BOOJJ
.JOPHVF"OB#FBUSJ[#BSSPT77#SPXO
BOE-JTB4OPXEPOTIPXFEUIFCSPBE
BQQFBMPG.4DMPUIJOHEFNPOTUSBUJOH
IPXPVSTUZMFTDBOXPSLGPSFWFSZBHF
HSPVQ"OBEEJUJPOBMNJMMJPODVTUPNFST
XFSFBUUSBDUFEJOUPTUPSFCZUIFGBTIJPOT
TIPXDBTFEJOPVSBVUVNODBNQBJHOBOE
UIFGFBUVSFEMJOFTXFSFBNPOHPVSCFTU
TFMMJOHJUFNT
-BTUZFBSXFUPPL.4'PPECBDLJOUPUIF
IFBSUPGGBNJMZMJGFXJUIBDBNQBJHOGSPOUFE
CZBDUSFTT$BSPMJOF2VFOUJO$VTUPNFST
SFTQPOEFEXFMMUPUIFXBSNBOEJODMVTJWF
UPOFPGUIFBEWFSUJTJOHBOEUIFGPDVTPO
HSFBUWBMVFIPOFTUGPPE
0VSTQSJOHDBNQBJHOMBVODIFEXJUIB
SFOFXFEGPDVTPOUIFQSPEVDUJUTFMGo
TIPXJOHUIFMFOHUITXFHPUPUPQSPEVDF
PVSEFMJDJPVTGPPETPDVTUPNFSTEPOU
IBWFUP"TBSFTVMUTBMFTPGPVSGFBUVSFE
#JTUSPSBOHFJODSFBTFECZ
0OMZBU:PVS.4
5ISPVHIPVUJUTZFBSIJTUPSZ.4IBT
UBLFOQSJEFJOEFTJHOJOHEFWFMPQJOHBOE
EFMJWFSJOHJUTPXOVOJRVFDMPUIJOHIPNF
BOEGPPEQSPEVDUT*O/PWFNCFS
XFTFUPVUUPFODBQTVMBUFUIJTFYDMVTJWJUZ
UISPVHIA0OMZBU:PVS.45IFNFTTBHF
SFflFDUTUIFFGGPSUTQVUJOUPDSFBUJOH
JOOPWBUJWFRVBMJUZA.4POMZQSPEVDUT
$PVQMFEXJUIPVSJODSFBTFESBUFPG
JOOPWBUJPOXFCFMJFWFA0OMZBU:PVS.4
XJMMIFMQEJGGFSFOUJBUFVTFWFONPSFDMFBSMZ
GSPNUIFDPNQFUJUJPO
5IFOFXCSBOENFTTBHFXBTfiSTUGFBUVSFE
JOPVS+BOVBSZDBNQBJHOGPSPVSVOJRVF
4JNQMZ'VMMFS-POHFSSBOHFBOEXBT
JOUSPEVDFEUPDMPUIJOHBTQBSUPGPVSTQSJOH
DBNQBJHO5IJTJODMVEFEPVSfiSTUFWFS
JOOPWBUJPOMFEBETIJHIMJHIUJOHUIFVOJRVF
UFDIOPMPHZCVJMUJOUP.4DMPUIJOHTVDIBT
PVSXBUFSSFQFMMFOU4UPSNXFBS5.finiTI
$VTUPNFSTSFBDUFEQPTJUJWFMZBOE
SFDPHOJUJPOPGPVSTQSJOH57
DBNQBJHOJODSFBTFEPOUIFQSFWJPVTZFBS
/FXDIBOOFMT
8FJODSFBTFEPVSJOWFTUNFOUJOPOMJOF
BEWFSUJTJOHUIJTZFBS6TJOHUIFNPNFOUVN
PGUIFNBKPSPGflJOFBDUJWJUZXFDSFBUFE
NPSFJOUFHSBUFEDBNQBJHOTHJWJOHVTB
TUSPOHFSQSFTFODFBDSPTTBMMNFEJBGSPN
NBJOTUSFBN57UISPVHIUPTPDJBMNFEJB
/FXDIBOOFMTIBWFFOBCMFEVTUPFOHBHF
NPSFFGGFDUJWFMZXJUIDVTUPNFSTBOEPGGFS
NPSFUBSHFUFEQSPNPUJPOT5IJTZFBSXF
JODSFBTFEUIFOVNCFSPGQFPQMFPOPVS
4.4EBUBCBTFCZBOEBSFOPX
TFOEJOHPVUPWFSGPVSNJMMJPOFNBJMTBXFFL
UPDVTUPNFST
-PPLJOHBIFBE
5IF.4CSBOEJTPOFPGPVSTUSPOHFTU
BTTFUTBOEXFXJMMDPOUJOVFUPJOWFTUJO
DSFBUJOHSFMFWBOUBOEFOHBHJOH
DBNQBJHOT8FXJMMQSPNPUFA0OMZBU:PVS
.4BDSPTT57QSFTTBOEPOMJOFGPSNBUT
FYUFOEJOHJUUPJODMVEFJOOPWBUJPOTJO)PNF
BOE,JETXFBS*OMJOFXJUIUIFQMBOTTFUPVU
JO/PWFNCFSXFXJMMEFWFMPQUIFJEFOUJUJFT
PGPVSTVCCSBOEToBOEXJMMGPSUIFfiSTU
UJNFMBVODICSBOEBEWFSUJTJOH
8FXJMMDPOUJOVFUPFYQMPSFOFX
DPNNVOJDBUJPODIBOOFMTBOEUBLFBNPSF
DPOTJTUFOUBQQSPBDIUPJOUFSOBUJPOBM
NBSLFUJOHBDUJWJUZTVQQPSUJOHPVSQMBOTUP
NBLF.4BOJOUFSOBUJPOBMNVMUJDIBOOFM
SFUBJMFS
0 VS NB SL FU JO HB D UJ WJ U ZF O TV SF TU I F. 4 CS B OE SF N BJ OT WJ T JC MF BO E
GSPOUPGNJOEXJUIPVSDVTUPNFST5ISPVHIPVUUIFZFBSXFUBJMPSFEPVS
DBNQBJHOTUPSFflFDUDIBOHJOHDVTUPNFSOFFETFOTVSJOHPVSNFTTBHFT
XFSFSFMFWBOUBOEQSPWJEFEDPNQFMMJOHSFBTPOTUPWJTJUPVSTUPSFT
5IJTZFBSXFIBWFI J H IMJHIUFEPV SJOOPWB U JPOX J U IU IFM B V ODIPGA0OMZBU
:PVS.4SFNJOEJOHPVSDVTUPNFSTPGUIFFYUSBPSEJOBSZMFOHUITXFHPUP
UPEFMJWFSVOJRVFQSPEVDUT
5IF.4CSBOE
JTPOFPGPVS
TUSPOHFTUBTTFUT
PVSDBNQBJHOT
FOTVSFJUSFNBJOT
CPUISFMFWBOU
BOEJOTQJSJOH
4UFWFO4IBSQ&YFDVUJWF%JSFDUPS.BSLFUJOH
Ç
.4.POFZ$VTUPNFSTDPOUJOVFUPUVSOUPUSVTUFE
CSBOETTVDIBT.4GPSUIFJSfiOBODJBMTFSWJDFT8JUI
NPSFUIBOUXPNJMMJPOBDUJWFDBSEIPMEFST.4.POFZ
IFMQTGPTUFSDVTUPNFSMPZBMUZCZPG GFSJOHCFOFfiUTTVDI
BTNPOFZPGGWPVDIFST5IFCBTLFUTJ[FBUUIJTZFBST
TQFDJBM$ISJTUNBTDBSEIPMEFSFWFOUXBTIJHIFS
UIBOPVSBWFSBHF
È
%POUQVUBGPPUXSPOHUIJT$ISJTUNBT5IJTZFBST
EBODFUIFNFEBEWFSUJTFNFOUTUBSSJOHDPNFEJBO
1FUFS,BZBMPOHTJEFPVS.4NPEFMMJOFVQBDIJFWFE
FYDFMMFOUDVTUPNFSSFDPHOJUJPO*UBQQFBMFEUPCPUI
SFHVMBSBOEPDDBTJPOBMTIPQQFSTXIPEFQFOEPO
.4GPSUIFNPTUJNQPSUBOUPDDBTJPOT.4BMTP
TDPPQFEUIFUPQTQPUJO$IBOOFMTA(SFBUFTU
$ISJTUNBT57"EWFSUJTJOH&WFSXIJDIBJSFEPO
$ISJTUNBT%BZ
.B SL TBO E4 Q F OD FS( SP VQQ MD"OOVBMSFQPS UBOEfiOBODJBMTUBUFNFOUT
0QFSBUJOHSFWJFX
0VSCSBOE